, 1887-08-06

mend them. The interests Of the sharehold-
ers are entirely safe in being committed to
their care. Neither of these gentlemen
would pus their name to any document what
ever but what was q, sound document. They
have certified the accounts for the last year
as correct, and the most gratifying feature
Of these accounts is that we find a very con-
siderable profit has been made taking the
year by itself. You have dealt with the
accounts by bringing forward the balance
from the previous year, but on examining
these accounts it appears to me that the clear
profit for 1886 is no less than 9129, 1913 LIS I'd.
Out of these accounts you have paid US q
dividend of $50, 900, which we received II
December last you now propose to pay q
further dividend Of EOS per share, along with
an additional bonus of 5s per share, making,
in all, e67, 500. When that is done, the
most gratifying feature is that there remains
g clear surplus, taking the year by itself, OF
G61.829 las I'd, and that amount is quite
equal of itself to pay a further dividend Of
more than 40s per share. | think that shows
what a favorable result the years accounts
exhibit, and I think the directors, managers,
and officers are to be complimcnted on the
result of the years transactions. Mr.. Ogston
has referred to the fact that some shareholders
were anxious to get q little more dividend,
and l had hoped that in this jubilee year you
might have given us "a jubllee dividend
,laughter) -wherewith we might have been
able to show our loyalty to Her Majesty, and
have had something over, but still the argu-
ments you have brought forward in the able
statement which you have made to the
shareholders as to increasing the solidity
of the Company is, | think, worthy Of every
consideration, and I think the Board have
resolved wisely in carrying out the sum pro-
posed to the reserve fund. That money is
not lost, and / have no doubt the best endea-
YOURS will be made in the selection of suitable
Investments. If you invest it in property at
4 per cent, it amounts to $4,000, which of
itsolf is a dividend of Is per share. Sup
posing there was no profit on the fire account
whatever, the interest of our invested funds
would almost yield a dividend of 40s per
share. Taking into account that the life
bonus is to be continued, we are assured of a
certain dividend, supposing there is no profit
on the fire account at all, OF ass per share.
Mr.. George Walker, Aberdeen, seconded.
The motion was declared carried.
Mr.. Mackie, Lewes of Fyvie-I would
move a vote of thanks to the directors in
Aberdeen and London by whose very careful
management we have received g. very good
dividend and a pretty handsome bonus to our
life policies-(applause) | happen to be
in the position of o policyholder as we'll as q
shareholder, and we are very we'll pleased
with the way in which the directors are con-
Quoting the business, and l hope they will
continue, as in the past, meriting the appro-
baton of the NEUTRALITY-SUSPICIOUS..
Treasurer Walker-I have much pleasure
in seconding the motion which Mr.. Mackio
has now made. I may say we are all very
we'll pleased with the report which we have
got, and l am sure it must be equally crafty
ing to the director to be able to present to
you such a very good report-(applause1. /
quite agree with the policy which they ehayo
adopted-namely, strengthening the reserve
fund-for,c asithet chairman remarked, fire
assurance companies. doing such q large
business and over such q wide area as this
Company does, have a great deal Of risks. 1
think you are perfectly right, when you have
a good year, in applying a very1large proper
ton of the profits, as you have done, to the
reserve fund, and it not only insures an equal
1dividendfto the shareholders, but it gives
stabilityLt to the Company, which to such a
Company as ours, is of the utmost value
~s(applausoy II re- echo the wish Mr.. Alexan-
der has expressed that they will be able to
give US equallysas good a report next year
(applause) .6a = foI 81 A.sw
The motion was carried unanimously.
e9s The Chairman-On behalf of the directors,
dIfbeg to- acknowledge the Sote of thanks you